Gordon Sports Authority purchased inventory costing $11,000 by signing a one year12% short-term note payable. The purchase occurred on July 1, 2016. Gordon pays annual interest each year on July 1. Journalize the company’s
(a) purchase of inventory;
(b) accrual of interest expense on December 31, 2016, which is the year-end; and
(c) payment of the note plus interest on July 31, 2017.
(d) Show what the company would report on its balance sheet at December 31, 2016, and on its income statement for the year ended on that date.
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